[Institution: Beware of Long Range Interest Rates in Developed Markets Linking Up Again] According to a report by Golden Finance on May 18th, CITIC Securities Research reported that on May 15th, the yield of 10Y US bonds exceeded 4.5%, and the yield of 30Y US bonds rose to 5.0%, breaking two key psychological thresholds; At the same time, long-term interest rates in major developed markets such as the UK, Japan, and Germany are linked upwards, putting pressure on global risk assets. We believe that the recent upward trend in interest rates is driven by inflation data that has risen across the board in the United States, muscle memory of the "Walsh shock," stressed US bond supply, political turmoil in the UK, and concerns about capital inflows triggered by rising Japanese bond rates. As a global asset pricing anchor, a significant increase in long-term US bond interest rates is expected to bring about a strengthening of the US dollar, valuation setbacks for growth stocks, pressure on precious metals and long-term credit assets, and liquidity shocks to emerging markets. We believe that previously, the market continued to ignore the risks of oil prices and inflation. However, in an environment where global crude oil inventories continue to be depleted, the fact that high oil prices, inflation, and interest rates may persist will be the focus of future developments in the Strait of Hormuz and policy signals after Walsh takes office. (Golden Ten)